Ethereum ETC Classic (ETC) started rising on the 6th of May and reached a record-breaking price of $176; this was a jump from the $70 price level on May 5. Ether (ETH) also engraved its name for $3,500 per coin. It then set up a new record by reaching the heights of $4362 on May 12. On the other hand, ETC started falling and on 16 June ended at $55.27.
Now let’s delve into the distinctive features of ETH that operate on Ethereum blockchain, ETC. This article will take you over the journey of ETC and its price forecast in the coming years.
Ethereum Blockchain History
Ethereum blockchain was introduced to the world in 2015 by co-founders Gavin Wood and Vitalik Buterin through the support of Charles Hoskinson and Anthony Di Iorio. Ethereum Classic was formed through a hard fork in Ethereum Blockchain in July 2016. However, there was a backlash from the participants for the hacking decentralized autonomous organization (DAO) incident that led to the pilferage of 3.6 million coins Ether.
Ethereum Classic is an extension of the real version, as it did not retrogress the hack’s impact on the blockchain. Participants stood by the statement, “Code is the law.” So, it led to the conclusion that the existing Ethereum Blockchain is the result of the split. Exchanges and miners brace both blockchains enabled the Ethereum Classic network to carry on with ETC as a native coin.
These blockchains have taken different paths as the Ethereum blockchain is on its way to create Ethereum 2.0. It is also on the way to shift from the protocol of the POS to the POW algorithm that is also in use by Bitcoin.
On the other hand, the Ethereum classic is not looking at any such shift right now. The central team for the changes and developments of Ethereum classic does not exist, but many groups are in the works to make more updates in the open-source.
Recurring hacking incidents have adversely affected the ecosystem, coercing revelations in the blockchain infrastructure R&D and engineering company IOHK, founded by Charles Hoskinson, to create the Mantis project to release new updates and virtual updates support community.
Ethereum Classic can host decentralized applications. As ETC prices go on a hike, the miners also get more rewards. This brings in more enthusiastic miners to participate in the network.
When the Ethereum blockchain reduced its activities, it was now an open door for hackers. In Jan 2019, a 51% hack led to a double-spend of $1 Million on the Coinbase Cryptocurrency Exchange. This happens when a single entity owns all 51% of the network. As a result, Coinbase and many other exchanges put the ETC transactions on hold, which led to a fall in price.
Current Ethereum Price
Is ETC a Good Investment?
ETC can be a good investment if you want to invest in the crypto market. The reason for that is ETC represents the cryptocurrency number 2 in the market that supports BTC. Therefore, if your projections are the bullish trends in the whole crypto market, then there is a high probability that ETC will follow the rising trend too. However, every investment is risky, so be careful.
ETC price rise of 2021
In July 2016, the price of ETC stood at $2.08, which was a result of the split. By November, the price CAME down to $0.75. After that, the prices accelerated and reached $46 by the end of December 2017. However, the following market crash brought the price to a low level of $3.76 by December 2018.
When the 51% attack happened in 2019, ETC started rising slowly and reached $9.33 by June. However, at the year-end, it fell again and reached $3.54. By February 2020, the prices again rose to $12.34 by February 2020. This was the highest price over the years since 2018. Then ETC resumed trading amidst the price range of $4-$6 for the time that was left in the year.
Since the new developments and updates in the Ethereum Classic have promoted a hike in the price of ETC during this year, to restore the support of the users, the Mantis and Core-Geth protocols have been relaunched. In addition, on April 26, NowPayments included ETC, which led to the launch of trading in nonfungible tokens on Ethereum Classic.
Resulting from these developments, the price of Ethereum Classic shot up to $16.90 in February and continued to sustain between $9.94 and $14 till March. On 17th April, the price was again on a rising streak and stood at $46.68. It then fluctuated and reached $29.73 on 25th April, then rose again to $71.93 by 4 May. Then it went on to secure an enthralling record of $176 on 6 May.
After this rising streak, it again fell from $176 to 45.16 on 23 May. Then it fell and rose again to $82.42 by 26 May. Then it lowered down to over $55.27 on 16 June. However, this was not really a low time for ETC as the price was still 873% on that date. As of 17th June, ETC stood at $56.85
Ethereum price projection
According to CoinCodex, ETC will break the bearish trend. This prediction is made because the technical support within the vicinity is standing at $54.02 while resistance is at $57.29; this shows that the prices can rise to $60.55.
To focus on a long streak, WalletInvestor’s predictions can be considered. This states that the pricing might shuffle between $56 around July and August. Then this features a rise of $64.95 in August which may rise by the end of 2021. During December 2022, the currency will trade at around $89.57 by December 2022 and increase to $163.31 by December 2025.
However, DigitalCoin expresses a bearish sentiment. It says that ETC will sustain a rising streak, reaching an average of $87.58 in and around 2021. This price will then shoot up and double at an average of $170.24 in 2025. By 2028, the value may reach an average of $253.76.
Gov Capital forecasts the price to stand at $55.12 by December 2021 and then increase to $70.59 by December 2022 and $145.00 by 2025.
Ethereum Classic’s price predictions by Long Forecast predict a trembling price fluctuation in the future. This states that by the end of 2021, the prices may trend to $105.3. By November 2022, this will again fall to $62.8, then rise again to $83 by January 2023. Finally, the site predictions state that ETC will rise to $78.7 by the end of 2023 then fall again to $40.6 during July 2025.
Ethereum price prediction 2040
Ethereum price prediction for 2040 shows a moderate optimistic target to $250 000 price value. BTC, ETC price correlation creates price projection. If Bitcoin price breaks $100 000 and continues the rising trend in future years ETC price will rise. ETC is created to support BTC; it has a higher speed and much faster transaction payment speed.
Will Ethereum go up?
Yes, Ethereum can go up in the next months and years as the second most important crypto in the market. However, the price of ETC is correlated with the price of BTC and the whole crypto market.
Where will Ethereum Classic stand between 2025-2030?
By 2025, the prices may either retreat or rise according to the sentiment of different forecasting services. According to WalletInvestor, ETC will rise to $160 by December 2025. However, DigitalCoin says that it will trend at $253.
How to purchase Ethereum Classic?
To buy, purchase the Ethereum Classic on exchanges like Kraken or Binance. There is also an alternative to buying it through Contract Of Differences.
CFDs help in maximizing gains of volatile financial assets. However, never forget the aspect of risk that comes along with cryptocurrencies.